US STOCKS-Futures dip after 5-yr highs with data, earnings due

* Factory orders data due

* Japan Airlines to talk to Boeing about compensation

* Futures off: Dow 30 pts, S&P 4.4 pts, Nasdaq 7.75 pts

By Chuck Mikolajczak

NEW YORK, Feb 4 U.S. stock index futures slipped
on Monday after the S&P 500 hit a five-year high and the Dow
rose above 14,000 last week as investors waited for factory
orders data and another round of corporate earnings.

The benchmark S&P index is up more than 6 percent for
the year, with nearly half of the gains coming in the session
after U.S. legislators successfully sidestepped the "fiscal
cliff" of tax increases and spending cuts which threatened to
derail the economic recovery.

The gains have left the index roughly 60 points away from
its all-time intraday high of 1,576.09.

"We are coming off an economic data hangover from Friday and
the market was on a bullish spree. This is an opportunity for
investors to take advantage of the bull run," said Andre Bakhos,
director of market analytics at Lek Securities in New York.

The Dow's march above 14,000 was the highest October 2007.

"With an early year run of better than 6 percent, investors
are already behind in performance and pullbacks should be
shallow and well contained, giving the underweighted investors
the opportunity to move into equities."

Investors will look to December factory orders data for
signs of economic improvement. Economists in a Reuters survey
expect a rise of 2.2 percent compared with an unchanged reading
in December.

Economic data has pointed to a modest U.S. recovery, but the
data has not been strong enough to upset investor expectations
the Federal Reserve will continue its stimulus policy that has
buoyed stocks.

Earnings are due from a number of companies including
Anadarko Petroleum Corp ; Yum! Brands Inc, owner
of fast-food chains, and household products company Clorox
.

S&P 500 futures fell 4.4 points and were below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures lost 30
points, and Nasdaq 100 futures shed 7.75 points.

According to Thomson Reuters data, of the 239 companies in
the S&P 500 that have reported earnings through Friday, 68
percent have reported earnings above analyst expectations
compared with the 62 percent average since 1994 and the 65
percent average over the past four quarters.

S&P 500 fourth-quarter earnings are expected to rise 3.8
percent, according to the data. That estimate is above the 1.9
percent forecast at the start of earnings season, but well below
the 9.9 percent fourth-quarter earnings forecast on Oct. 1.

Japan Airlines Co Ltd said it will talk to Boeing
Co about compensation for the grounding of the 787
Dreamliner, adding that the idling of its jets would cost it
nearly $8 million from its earnings through to the end of March.

Chevron Corp dipped 0.9 percent to $115.47 in
premarket trade after UBS cut its rating on the Dow component to
"neutral."

European shares dipped by midday as a near-term risk of a
technical sell-off and political uncertainty in the euro zone
prompted a bout of profit taking with indexes hovering near
multiyear highs.

Asian shares climbed to 18-month highs after U.S. data
showed some promise of a credible recovery but not strong enough
to threaten the Federal Reserve's easing plans, while momentum
also gained on firmer manufacturing data from Europe and China.

Dec 9 President-elect Donald Trump said on
Friday he would name Andrew Liveris, chairman and chief
executive of Dow Chemical Co, to head the Manufacturing
Council, a private sector group that advises the U.S. secretary
of commerce.

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